https://www.taxtmi.com/caselaws?id=411172 The tribunal found that the Principal Commissioner of Income Tax (PCIT) failed to establish the assessment order's error or prejudice to revenue, invalidating jurisdiction under Section 263. The direction to add funds under Section 69A was deemed invalid as it lacked evidence and was based on assumptions. The assessment order under Sections 143(3)/147 was upheld as valid, with the Assessing Officer conducting proper inquiries. The alleged cash deposit was refuted with certified bank documents, discrediting the PCIT's conclusion. The PCIT's denial of natural justice principles led to the order's invalidation under Section 263, resulting in the appellant's appeal being allowed. en-us Wed, 14 Jul 2021 00:00:00 +0530 Tue, 11 Oct 2022 12:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411172 The tribunal found that the Principal Commissioner of Income Tax (PCIT) failed to establish the assessment order's error or prejudice to revenue, invalidating jurisdiction under Section 263. The direction to add funds under Section 69A was deemed invalid as it lacked evidence and was based on assumptions. The assessment order under Sections 143(3)/147 was upheld as valid, with the Assessing Officer conducting proper inquiries. The alleged cash deposit was refuted with certified bank documents, discrediting the PCIT's conclusion. The PCIT's denial of natural justice principles led to the order's invalidation under Section 263, resulting in the appellant's appeal being allowed. Case-Laws Income Tax Wed, 14 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411172